How can I edit my submitted Vidyalakshmi loan form?

One important point to be noted here is that once you submit your final application on the Vidyalakshmi portal, you won’t be able to make a change in your application form like personal details, education loan scheme, branch, etc.

How do I cancel my education loan?

If a loan is to be cancelled before its disbursement, you can write an email or visit the bank stating reasons as of to why you want to get the loan cancelled. The bank will then reverse the process of sanctioning the loan.

Can I get education loan without Vidyalakshmi portal?

Student Information Vidya Lakshmi Portal provides single window for Students to access information about various loan schemes provided by banks and make applications for Educational Loans. If you want to apply for education loan on Vidya Lakshmi portal, you must register on portal.

What is Vidya Lakshmi portal?

Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to National Scholarship Portal.

Can I cancel my loan once approved?

You can cancel your personal loan application even after it has been approved by the financial lender. Usually, unless it is an instant personal loan, the customer care unit of the bank will call you prior to the disbursal of the loan. You can cancel your personal loan even at this point.

Can I cancel my student loan once approved?

Yes. Before your loan money is disbursed, you may cancel all or part of your loan at any time by notifying the school. After your loan is disbursed, you may cancel all or part of your loan within certain time frames. How can I lower my student loan payments?

What is the interest rate of Vidyalakshmi loan?

8.40\%
The interest rate on Vidya Lakshmi education loan starts from 8.40\%. This education loan is available up to ₹ 4 Lakh without any collateral for a tenure of up to 15 years.

How can I submit loan application form in Vidyalakshmi portal?

Steps to Register on the Vidyalakshmi Portal

1. Step 1: Visit the portal and register using a Login ID and a strong password.
2. Step 2: Provide details such as date of birth, age, name, phone number and email ID accurately.
3. Step 3: On submitting, a confirmation link will be sent to your registered email ID.

How do I know if my Vidya Lakshmi loan has been approved?

Once registration is done and the CAF is filled, the applicant will be updated about loan approval or disapproval on the Vidya Lakshmi portal. If the loan is approved, the loan amount will be transferred directly to your account. If the loan is disapproved, you have to contact the bank itself.

How can I apply for Vidyalakshmi on behalf of my son?

So, on behalf of him I registered in Vidyalakshmi portal. After logging in we have to fill up the Application form where we have to fill the details of Student as well as Co-applicant (Co-applicant either parent/guardian).

Can I edit my vidyalaksmi application after it is submitted?

No, we can’t edit vidyalaksmi application after submission. If you want to edit application after the submission. You need to visit bank and request them to reject/decline loan application. After the declination is done you can edit your application.

What is the Lakshmi Education Loan Scheme?

Vidya Lakshmi Education Loan scheme is a portal started by the Finance Ministry of India in collaboration with Department of Higher Education, Indian Banks Association and Ministry of Human Resource Development. It is a gateway for students to access funds and information related to education loans and government scholarships.